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Bears Target Another Test Of the 20-Day EMA

GOLD

Gold is down a touch in the first part of Thursday trade, although has largely been range bound. We are just near $1994 currently, versus a NY close to $1995. For Wednesday's session we got near $1969 amid broad USD strength. Whilst we stabilized from there, it was still a fresh low going back to the start of April. This has arguably dented the technical backdrop for the precious metal to some degree.

  • The 20-day EMA comes in at $1985.45, so bears will target a renewed break of this level. Bulls will aim to recapture the $2000 handle, although may have to wait until US yield momentum cools.
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